02-19 HRA Resolution No. 1327
HRA RESOLUTION NO. 1327
RESOLUTION APPROVING ASSUMPTION AGREEMENT WITH LYNDALE
GARDENS, LLC AND LAKESIDE AT LYNDALE GARDENS LLC
WHEREAS
, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the “Authority”) has entered into an Amended and Restated Contract
for Private Development, dated July 16, 2018 (the “Development Agreement”), between
the Authority and Lyndale Gardens, LLC, a Minnesota limited liability company (the
“Master Developer”), pursuant to which the Master Developer agreed to construct or cause
to be constructed 30 for-sale condominiums (the “Condominiums”), 8 rental townhomes, a
66-unit multifamily apartment building (including 7 affordable residential units), and
approximately 6,000 square feet of retail on property located within the City of Richfield,
Minnesota; and
WHEREAS
, pursuant to Section 8.2 of the Development Agreement, the Master
Developer is allowed to assign its rights and duties under the Development Agreement so
long as the Master Developer remains liable and bound by the Development Agreement;
and
WHEREAS
, Lakeside at Lyndale Gardens LLC, a Minnesota limited liability
company (“Lakeside”), is an affiliate of the Master Developer and has agreed to construct
the Condominiums; and
WHEREAS
, there has been presented before this Board of Commissioners of the
Authority (the “Board”) a form of Assumption Agreement (the “Assumption Agreement”)
proposed to be entered into between the Authority, the Master Developer, and Lakeside
pursuant to which Lakeside will agree to be responsible for the construction of the
Condominiums and assume all obligations related to the Condominiums under the
Development Agreement, and the Master Developer will agree to remain liable and bound
for all obligations under the Development Agreement, including those related to the
Condominiums; and
NOW, THEREFORE, BE IT RESOLVED
, by the Board of Commissioners of the
Housing and Redevelopment Authority in and for the City of Richfield, Minnesota that:
1. The Board hereby consents to the assumption by Lakeside of the obligations
related to the Condominiums under the Development Agreement.
2. The Assumption Agreement is hereby in all respects authorized, approved, and
confirmed, and the Chair and the Executive Director are hereby authorized and
directed to execute the Assumption Agreement for and on behalf of the
Authority in substantially the form now on file with the Community Development
Director but with such modifications as shall be deemed necessary, desirable,
or appropriate, the execution thereof to constitute conclusive evidence of their
approval of any and all modifications therein.
1
HRA Resolution No. 1327
3. The Chair and the Executive Director are hereby authorized to execute and
deliver any and all documents deemed necessary to carry out the intentions of
this resolution.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 19th day of February, 2019.
Mary B. pple, Cha.
ATTEST: "
(1-7 t4 01/0--)•
I.
Erin Vrieze DanielSecretary
2
HRA Resolution No. 1327